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New action for growth, governance and stability

The European Commission is accelerating its efforts for economic renewal, with moves to further strengthen euro area governance, safeguard future financial stability and boost growth and employment.

The Commission has adopted a package contaning: the 2012 Annual Growth Survey setting out the economic priorities for the coming year; two Regulations to tighten economic and budgetary surveillance in the euro area; and a Green Paper on Stability Bonds.

The Survey calls for the EU and Member States to focus on five priorities:

pursuing differentiated, growth-friendly fiscal consolidation;

restoring normal lending to the economy;

promoting growth and competitiveness;

tackling unemployment and the social consequences of the crisis;

modernising public administration.

The AGS includes a list of pending or future proposals aimed at boosting growth, which the Commission wants to be fast-tracked through the EU legislative process.

With the two proposed Regulations on strengthened surveillance for the euro area, the Commission is proposing to enhance both the coordination and the surveillance of budgetary processes for all euro area Member States and especially those with excessive deficits, experiencing or at serious risk of financial instability, or under a financial assistance programme.

Finally, with the Green Paper on Stability Bonds, the Commission is taking forward in a structured way the important debate on the joint issuance of debt in the euro area.